About this Chart

Holdings of Pendle's primary treasury wallet on Ethereum, the address that actually receives fees today: AMM markets send their reserve slice straight to it, and the limit-order router names it as fee recipient.

Accrued Fees (SY/PT/YT) are fee revenue swept but not yet redeemed, so they are shown apart from stablecoin reserves. The other fee wallets, the other chains and the governance Safe are all excluded, so read this as the primary fee treasury rather than everything Pendle controls.

Asset class is keyed on token address rather than symbol, because a large share of token rows are address-poisoning spam that a symbol-based classifier would book as stablecoins. Those rows are unpriced and excluded from the total.